IL Rents Out Of Reach For Many Low-Income Workers: See List By City

ILLINOIS — Finding an affordable rental home remains out of reach for many low-income workers in Illinois, according to a new report. In fact, a minimum wage employee would need to work more than two full-time jobs just to afford a modest, two-bedroom home in the state.

Out Of Reach, a new report released by the National Low Income Housing Coalition, looked at data to determine the discrepancy between wages in Illinois and what residents actually need to earn to afford a rental home in the state.

The results are grim. At Illinois' current minimum wage of $14 per hour, some of the state's more than 1.6 million renters would need to work 82 hours per week — or just over two full-time jobs — to afford a two-bedroom rental home at the current fair market rate of $1,498.

"This year’s report confirms what housing advocates have known for years: We cannot accept
our housing crisis as 'normal,'" the report states. "Instead, we must build a nation where everyone has a quality, accessible home they can afford in a thriving, healthy community."

To afford a modest, two-bedroom apartment at fair market rent in Illinois, full-time workers need to earn $28.81 per hour, the report found. This is assuming the person spends no more than 30 percent of their income on rent.

Many do not earn that much. According to the report, the average renter in Illinois earns $22.60 per hour, and the state is the 21st most expensive in the United States for renters.

Some parts of the state are worse than others. In the Chicago area, the fair market rate for a two-bedroom rental home is $1,714. For a minimum wage worker to afford that, they would have to work 2.4 full-time jobs.

Here's a list by metropolitan area that includes the average cost of a two-bedroom rental home, the hourly wage required to afford it and how many jobs a person would have to work if they were making minimum wage:

Bloomington

• Cost of two-bedroom rental: $1,103
• Wage: $21.21
• Jobs: 1.5

Champaign-Urbana

• Cost of two-bedroom rental: $1,049
• Wage: $20.17
• Jobs: 1.4

Chicago-Joliet-Naperville

• Cost of two-bedroom rental: $1,714
• Wage: $32.96
• Jobs: 2.4

Davenport-Moline-Rock Island

• Cost of two-bedroom rental: $953
• Wage: $18.33
• Jobs: 1.3

Peoria

• Cost of two-bedroom rental: $965
• Wage: $18.56
• Jobs: 1.3

Rockford

• Cost of two-bedroom rental: $1,031
• Wage: $19.83
• Jobs: 1.4

Springfield

• Cost of two-bedroom rental: $1,070
• Wage: $20.58
• Jobs: 1.5

St. Louis

• Cost of two-bedroom rental: $1,209
• Wage: $23.25
• Jobs: 1.7

In conclusion, the authors of the report called on lawmakers to address affordable housing by "prioritizing long-term solutions" including rental assistance vouchers for low-income families.

"Congress must also invest in solutions to expand and preserve the supply of affordable housing by passing the Housing Crisis Response Act of 2023 and reduce the power imbalance between landlords and tenants by enacting federal renter protections," the report states.

View the full Illinois report online.